The Globe and Mail reports in its Friday edition the chairman of MaRS, the Toronto business incubator whose struggling second phase is being lumped in with past Liberal spending scandals, is speaking out about the organization's latest controversy. The Globe's Kelly Grant quotes Gordon Nixon, the former chief executive officer of Royal Bank of Canada, as saying MaRS will pay back every cent of the public money it borrowed to erect a 20-storey tower that sits nearly empty across from Queen's Park, costing taxpayers $450,000 in interest payments every month. "A lot of people think that somehow the Province of Ontario is going to write a big cheque here," he said. "It's not a cheque, it's debt; it is, ultimately, a loan." The first phase of MaRS is a success, and the second phase will be too. Tenants are ready to sign leases once the province and MaRS finalize a deal to buy out the U.S. developer which set high rents that scared off the companies and research organizations the building is intended to serve. Opposition parties have flayed the Liberals for giving MaRS phase 2 a $224-million loan from Infrastructure Ontario in 2011, and refusing to turn over documents detailing the business case supporting it.